FX.co ★ Ichimoku cloud indicator Daily analysis of Gold

Gold price reached very close to our bounce target of $1,900 as it made a new higher high today at $1,898. Price got rejected and fell all the way back to $1,863 but support held and Gold price is back again near its highs.

Gold price is bouncing off its daily lows. This is promising for bulls. However price remains below the Kumo (cloud) and this is still bearish. Resistance by the lower cloud boundary is at $1,906. Bulls need first to recapture this level and break into the cloud. This will turn trend to neutral again. In order to turn trend bullish price must break above the upper cloud boundary at $1,961. Support remains at $1,860-50 as buyers step in each time price falls towards this price range. Breaking below $1,860-50 will be bearish.